Dave Portnoy of Barstool Media accepts Bitcoin (BTC) and cryptocurrency donations for its small business fund. Less than 24 hours after integration, the crypto community responded with incredible generosity.
The Barstool Fund launched last week to raise money for small businesses affected by the Covid-19 pandemic. At the time of writing, the fund had raised nearly $ 5.3 million to help 14 businesses. More than 53,000 donors have contributed. For tax reasons, the campaign is planned until the end of the year.
Much of that donations came out of the cryptocurrency community after Morgan Creek Digital set up a Bitcoin address via The giving block, a crypto donation company. In addition to Bitcoin, the Barstool Fund also accepts donations Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chainlink, Gemini Dollar, DAI, Storj, Amp and 0x.
Anthony Pompliano, co-founder and partner of Morgan Creek Digital, tells Cointelegraph that “at least $ 750,000” of crypto donations were made on Friday morning:
“It’s difficult to track every donation from the crypto community, but we know that at least $ 750,000 has been donated in US dollars or cryptocurrencies. The actual number is probably higher. “
“2020 has been a tough year,” said Pompliano, adding that “Bitcoin has been great for all of us, however.”
“There is no better way to end the year than with a new Bitcoin all-time high and a few donations to share the love.”
Cointelegraph reporter Helen Partz reached out to Alex Wilson, co-founder of The Giving Block, who explained how crypto donations are included in the Barstool Fund.
Users can donate crypto to charity by attend the Barstool Fund, click on “contribute to the fund” and choose the cryptocurrency option. There they can generate a wallet address and send the donation from their own wallet address. Donors will receive a tax receipt by email once the payment has been processed.
The Covid-19 pandemic triggered an unprecedented response from federal, state and local governments as health authorities struggled to control the spread of the disease. Have shelter-in-place orders, although intended to be temporary resulted in the permanent closure of hundreds of thousands of companies.
As Pompliano noted, small businesses are responsible for about 50% of the jobs in the US, and they “keep the American dream alive for billions of people around the world.” The economic ramifications of the pandemic, in so far as it affects small businesses, will reverberate around the world.
Congress finally has agreement about a new Covid aid package that will allocate an additional $ 284 billion to the Paycheck Protection Program, or PPP. With additional lockdowns loom, many fear that emergency response measures are too little and too late, especially for hospitality businesses most affected by strict shelter orders.